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October Bankruptcies Fall in South Florida

The number of personal bankruptcies in South Florida fell 3.6 percent for the month of October in the tri-county area. However, the bankruptcy rates continue to climb in other parts of the state.

Specifically, data from the U.S. Bankruptcy Court in Miami reveals there were 3,244 bankruptcy filings in October, compared to 3,365 filings in September. Despite this decrease, however, the number of October filings for this year is still 31 percent higher than the filings for October 2009. There were 2,473 personal bankruptcy filings in October 2009.

In Miami-Dade County there were 1,719 bankruptcy filings, representing a 5.5 percent decrease from the 1,819 filings in September. October's bankruptcy filings increased 56 percent from the 1,100 filings in October 2009.

Broward County had 1,000 bankruptcy filings in October, a four percent decrease from 1,043 filings in September. However, the number was an 11 percent increase from 902 filings the previous October.

Finally, Palm Beach County experienced an 11 percent increase in the number of bankruptcy filings last month. There were 473 filings in September, followed by 525 in October. Also, this October's filings were up 11.5 percent from 471 in October 2009.

Meanwhile, the number of businesses filing for bankruptcy in South Florida is up from last year. There were 126 filings last month, compared with 119 filings for October 2009.

While bankruptcies have decreased overall for South Florida, Central Florida has been experiencing a surge in bankruptcies. According to Tampa Bay Online, Central Floridians are flocking to bankruptcy court. Bankruptcy filings in that area are up 16 percent from the previous year.

Source: Sun-Sentinel "South Florida bankruptcies fall 3.6% in October," Marcia Heroux Pounds, 4 November 2010

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